Brazilian mining titan Vale SA (VALE) said Tuesday the first coal train arrived Monday at the Mozambican port of Beira.
The first train carried 2,200 metric tons of coal from Vale's Moatize coal mine in the northwest province of Tete.
SinoCoking Coal and Coke Chemical Industries, Inc. (Nasdaq: SCOK) (the "Company" or "SinoCoking"), a vertically-integrated coal and coke processor, today announced that Hongchang and Xingsheng coal mines have been cleared to resume operations at full capacity.
The Hongchang mine has been operated by Baofeng Hongchang Coal Co., Ltd., a subsidiary of Henan Pingdingshan Hongli Coal & Coke Co., Ltd. ("Hongli"), which the Company controls through contractual arrangements. Baofeng Xingsheng Coal Mining Co., Ltd. ("Xingsheng"), of which 60% equity interest is now registered to Hongli, has been operating the Xingsheng mine.
The price of crude slid more than six per cent Monday, dropping to a level experts say makes future oilsands mining projects look unprofitable if it persists.
Gold investors could reap record windfall benefits from the economic uncertainty that crashed global stock markets Monday, say J.P. Morgan commodity analysts Colin Fenton and Jonah Waxman.
The analysts predicted bullion could rise to $2500/ oz by the end of 2011, compared to an earlier J.P. Morgan prediction of $1800/oz, made before Standard and Poor downgraded the US debt.
Shares of North American base metal miners tumbled on Monday along with the price of copper, zinc, and nickel after the downgrade of the U.S. credit rating by S&P amplified fears of a global economic slowdown.
After the S&P downgrade announced Friday evening, North American markets opened Monday and tumbled.
The Australian stock market, measured by the S&P/ASX 200, finished the day down 2.91%, while the S&P/TSX composite was down 3.4% in morning trading to 11,796, its lowest level since August 2010.
Gold breached $1,710 an ounces before settling back to $1,700/oz.
Rio Tinto and Mitsubishi are being pressured to offer a special dividend to seal a $1.49 billion attempt to mop up the shares of 150-year-old Hunter Valley miner Coal & Allied that they don't already own.
The pair, which already have a combined 85.91 per cent stake in the target, made an indicative offer of $122 a share to Coal & Allied's independent directors on the weekend.
South African focused thermal coal mining producer Continental Coal Limited (ASX: CCC) confirmed an initial JORC compliant saleable coal reserve of approx. 44 Mt for the De Wittekrans Coal Project.
The Calgary Herald reports the debate over a controversial BC pipeline and port project to ship Alberta crude oil to Asian markets escalated recently with Canada's politicians and business leaders advancing new support for the initiative.
Both federal Natural Resources Minister Joe Oliver and the Canadian Council of Chief Executives gave strong backing to the Northern Gateway Project with Oliver calling the pipeline in the national interest. Slowing demand in the US is also adding to pressure for a go-ahead on the pipeline that will stretch for more than 1,100km to a new port facility at Kitimat, northern BC and will cost $5.5 billion.